»Golding Infrastructure 2022« closes at €825 million, significantly above target

The portfolio build-out of the special AIF, classified as an Article 8 fund under the SFDR, is already around 80 percent complete: twelve of the total fifteen planned investments have been finalised. The portfolio, which already comprises 70 of over 200 expected individual assets, is broadly diversified across sectors and regions. In the coming months it will be complemented by further diversifying investments combining resilience potential with a compelling risk-return profile.

Strong results in secondaries and co-investments

To date, four LP-led secondary transactions have been successfully executed, consistently achieving attractive discounts. With the aim of enhancing performance, the co-investment allocation stands at around ten percent; two promising co-investments were added in the first half of 2025 alone. Secondary transactions are gaining increasing importance within the portfolio strategy, selectively broadening the portfolio while also optimising the cashflow profile.

The infrastructure market is currently characterized by a particular dynamic. Less available capital is meeting persistently high investment demand – this creates attractive entry opportunities while also allowing for greater selectivity. We also see this reflected in the growing interest from our investors since the beginning of the year. The persistently high need for capital spans all infrastructure sectors – enabling broad diversification along structural megatrends. Based on the positive development of the fund, we expect the first distribution within the next six months.

Dr Thilo Tecklenburg, Partner & Co-Head Infrastructure bei Golding

Resilient infrastructure solutions remain in demand. Especially in challenging market phases, they provide stability and attractive returns. The strong support from many new investors underscores their confidence in our approach. With the planned successor fund, we will therefore take the next strategic step later this year.

Hubertus Theile-Ochel, Managing Partner bei Golding

Track record across five generations

Golding has more than a decade of experience in building broadly diversified infrastructure portfolios and has continuously refined its strategy since the launch of »Golding Infrastructure 2013«. For example, in each of the five fund generations, we have aimed to enhance the cash flow profile, primarily through adjustments to the Greenfield allocation as well as increases in co-investment and secondary allocations. At the same time, however, the core of the strategy has remained unchanged across all generations: very broad diversification across numerous projects, transactions and companies in all key infrastructure sectors that exhibit the classic characteristics of this asset class. All five funds in the series rank among the largest of their kind in the entire infrastructure market.